1. Economic Goals CHAPTER 3
Watch the Video: ECONMOVIES: Government and the Economy- Season 2, Episode 2

2. 6 MAJOR GOALS OF CHOOSING AN ECONOMIC SYSTEM
Freedom
Efficiency
Stability
Growth
Equity
Security
Economic Goals
Each system also emphasizes different economic goals,
as shown here.
Answers to those fundamental questions depends on its economic aspirations and social values. In other words, answers will depend on what the economic system aspires to do, what their goals are. Most societies will try to address all of the 6 goals listed, but that is pretty much impossible. For example, you can’t really have economic freedom as well as economic equity.

3. 6 MAJOR GOALS OF CHOOSING AN ECONOMIC SYSTEM
Traditional Economy emphasizes the goals of: security & stability
Command Economy emphasizes the goals of: security & equity
Answers to those fundamental questions depends on its economic aspirations and social values. In other words, answers will depend on what the economic system aspires to do, what their goals are. Most societies will try to address all of the 6 goals listed, but that is pretty much impossible. For example, you can’t really have economic freedom as well as economic equity.
Market Economy emphasizes the goals of: efficiency & freedom

4. Economic Freedom
Freedom to make, buy, or sell goods and services without government interference.
Monopolies could exist with NO Government.
What are some examples of Economic Freedom?
_________________________________________
Businesses and individuals are given the right to make decisions about how to use their resources without government intervention. But it is tough to achieve fully because people usually want protection from violators and will look to the government to provide that protection.
What are ways in which our government seeks to protect the people economically? Or what are some things that Americans expect the government to protect us from?

5. Economic Freedom What are some examples of Economic Freedom?
Own private property
Pursue your own career
Operate a business
Own your own intellectual property
Buy products or services at competitive prices
Businesses and individuals are given the right to make decisions about how to use their resources without government intervention. But it is tough to achieve fully because people usually want protection from violators and will look to the government to provide that protection.
What are ways in which our government seeks to protect the people economically? Or what are some things that Americans expect the government to protect us from?

6. Economic Efficiency
Making the most of resources (natural & human) with the least amount of waste in the production of goods and services.
What are some examples of Economic Efficiency?
_______________________________________________________________________________________________________________________________________
Businesses and individuals are given the right to make decisions about how to use their resources without government intervention. But it is tough to achieve fully because people usually want protection from violators and will look to the government to provide that protection.
What are ways in which our government seeks to protect the people economically? Or what are some things that Americans expect the government to protect us from?

7. Economic Efficiency What are some examples of Economic Efficiency?
Recycling old resources into new products
Plastics into products
Paper into products
Incentives for workers
More pay based on human capital
Paid benefits
Businesses and individuals are given the right to make decisions about how to use their resources without government intervention. But it is tough to achieve fully because people usually want protection from violators and will look to the government to provide that protection.
What are ways in which our government seeks to protect the people economically? Or what are some things that Americans expect the government to protect us from?

8. Economic Equity
The fairness with which an economy distributes its resources and wealth.
The term equity concerns fairness and justice.
What are some current issues we deal with today regarding the rich and the poor? What are things in our society that could be considered fair or unfair in regards to the economy?
What are some examples of Economic Equity?
__________________________________________ __________________________________________ __________________________________________

9. Economic Equity What are some examples of Economic Equity?
Men and women getting paid the same wage for the same job
Education is available to children at the same quality
What are some current issues we deal with today regarding the rich and the poor? What are things in our society that could be considered fair or unfair in regards to the economy?

10. Economic Security
Providing support to those who cannot support themselves from economic risks
such as job loss, injury, economic downturn, fire & bankruptcy
What are some current issues we deal with today regarding the rich and the poor? What are things in our society that could be considered fair or unfair in regards to the economy?
What are some examples of Economic Security?
__________________________________________ __________________________________________ ______________________________

11. Economic Security What are some examples of Economic Security?
Government Protection: Command (Programs)
Individual Protection: Market (Insurance)
Mixed Economy: does a mix of both
Examples for U.S.)
Obama Care
Grants for College
The Children's Health Insurance Program (CHIP)
Free and Reduced School Lunches
What are some current issues we deal with today regarding the rich and the poor? What are things in our society that could be considered fair or unfair in regards to the economy?

12. Economic Growth
Striving to produce more goods & services with better quality
What are some examples of Economic Growth?
What are ways that the U.S. tries to provide economic security for its citizens? Can you think of a current example that Americans debate about? (Healthcare)

13. Economic Growth What are some examples of Economic Growth?
Businesses growing along with technology & jobs
What are ways that the U.S. tries to provide economic security for its citizens? Can you think of a current example that Americans debate about? (Healthcare)

14. Economic Stability What are some examples of Economic Stability?
a condition in which the goods and services people count on are available when they want them
Our jobs are there & prices are predictable 
What are some examples of Economic Stability?
____________________________________________________________________________________________________________________________________________________________________________________
What are ways that the U.S. tries to provide economic security for its citizens? Can you think of a current example that Americans debate about? (Healthcare)

15. Economic Stability What are some examples of Economic Stability? Jobs
Utilities
Food
Housing
Transportation
Healthcare
What are ways that the U.S. tries to provide economic security for its citizens? Can you think of a current example that Americans debate about? (Healthcare)

16. Works Cited List